1、2025 年9 月，公司取得签约销售金额98.0 亿元，签约销售建筑面积49.3万平方米。2025 年1-9 月， 公司取得签约销售金额806.9 亿元，签约销售建筑面积367.5 万平方米（均未计入物业租金收入）。 2、截至2025 年9 月30 日，公司已认购（未签约）销售金额共计6.4 亿元。 点评：品牌价值引领发展，销售表现持续亮眼，期间费率下降明显品牌价值引领发展：中国金茂连续21 年入选"中国500 最具价值品牌"，展现稳定品牌号召力。2025 年，金茂以742 亿元的品牌价值再次入 榜，位列第170 位，品牌价值较去年提升近80 亿，排名上升一位。公司始终以品质初心引领"好房子"建 设，通过"金玉满堂"系列产品的精彩呈现，在当前房地产行业销售整体下行的背景下，通过品质升级驱 动，走出独立行情。 销售表现持续亮眼：品牌价值赋能叠加经营效率提升，公司近期销售表现持续亮眼。边际来看，2025 年7 月/8 月/9 月，公司单月签约销售金额分别为84.6/90.8/98.0 亿元，单月同比分别为 机构：光大证券 研究员：何缅南 事件：公司发布2025 年9 月未经审核销售数据。 期间费率下降明显：公 ...

事件：公司发布2025年9月未经审核销售数据 1、2025年9月，公司取得签约销售金额98.0亿元，签约销售建筑面积49.3万平方米。2025年1-9月，公司 取得签约销售金额806.9亿元，签约销售建筑面积367.5万平方米(均未计入物业租金收入)。 2、截至2025年9月30日，公司已认购(未签约)销售金额共计6.4亿元。点评：品牌价值引领发展，销售表 现持续亮眼，期间费率下降明显 品牌价值引领发展 中国金茂连续21年入选"中国500最具价值品牌"，展现稳定品牌号召力。2025年，金茂以742亿元的品牌 价值再次入榜，位列第170位，品牌价值较去年提升近80亿，排名上升一位。公司始终以品质初心引 领"好房子"建设，通过"金玉满堂"系列产品的精彩呈现，在当前房地产行业销售整体下行的背景下，通 过品质升级驱动，走出独立行情。 智通财经APP获悉，光大证券发布研报称，中国金茂(00817)品牌影响力较强，近期销售增长亮眼，经营 效率优化提升，期间费率下降明显，上调公司2025-2027年归母净利润预测为12.5、14.3、15.8亿元(原预 测为12.2/13.4/14.6亿元)，当前股价对应2025-2027 ...

Core Viewpoint - China Jinmao (00817) has demonstrated strong brand influence and impressive sales growth, leading to an upward revision of net profit forecasts for 2025-2027. The current stock price corresponds to a PE valuation of 13.7/12.0/10.8 times for 2025-2027. The rating is maintained as "Buy" [1]. Sales Performance - In September 2025, the company achieved a signed sales amount of 98.0 billion yuan, with a signed sales area of 493,000 square meters. For the first nine months of 2025, the signed sales amount reached 806.9 billion yuan, with a signed sales area of 3.675 million square meters, excluding rental income [1]. - Monthly signed sales amounts for July, August, and September 2025 were 84.6 billion, 90.8 billion, and 98.0 billion yuan, showing year-on-year increases of +49.5%, +46.5%, and +39.9% respectively. The total signed sales amount for Q3 2025 was 273.4 billion yuan, up from 188.6 billion yuan in the same period of 2024 [2]. - Cumulatively, for the first nine months of 2025, the sales amount was 806.9 billion yuan, representing a year-on-year increase of +27.3%, with a sales area of 3.675 million square meters, up +6.0% year-on-year, and an average sales price of 21,958 yuan per square meter, up +20.1% year-on-year [2]. Operating Efficiency - The company's mid-year report for 2025 indicated that management expenses for the first half of the year were 1.22 billion yuan, down from 1.29 billion yuan in 2024, resulting in a management expense ratio of 4.8%, compared to 5.8% in 2024. Sales expenses were 830 million yuan, down from 980 million yuan in 2024, with a sales expense ratio of 3.3%, compared to 4.5% in 2024 [3]. - The significant decrease in expense ratios amidst rising sales performance reflects the company's organizational optimization and improved operational efficiency, showcasing the value of the "Jinmao brand" [3].

点评： 品牌价值引领发展，销售表现持续亮眼，期间费率下降明显 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布 2025 年 9 月未经审核销售数据 1、2025 年 9 月，公司取得签约销售金额 98.0 亿元，签约销售建筑面积 49.3 万平方米。2025 年 1-9 月，公司取得签约销售金额 806.9 亿元，签约销售建筑 面积 367.5 万平方米（均未计入物业租金收入）。 2、截至 2025 年 9 月 30 日，公司已认购（未签约）销售金额共计 6.4 亿元。 品牌价值引领发展： 中国金茂连续 21 年入选"中国 500 最具价值品牌"，展现稳定品牌号召力。2025 年，金茂以 742 亿元的品 牌价值再次入榜，位列第170 位，品牌价值较去年提 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company has demonstrated strong sales performance, achieving a signed sales amount of 98.0 billion yuan in September 2025, with a total of 806.9 billion yuan for the first nine months of 2025, reflecting a year-on-year increase of 27.3% [1][3] - The brand value of the company has been a significant driver of its development, with a brand value of 742 billion yuan in 2025, marking an increase of nearly 8 billion yuan from the previous year [2] - The company has seen a notable decrease in expense ratios, with management and sales expense ratios dropping to 4.8% and 3.3% respectively for the first half of 2025, indicating improved operational efficiency [4] Summary by Sections Sales Performance - The company reported monthly signed sales amounts of 84.6 billion yuan, 90.8 billion yuan, and 98.0 billion yuan for July, August, and September 2025 respectively, with year-on-year growth rates of 49.5%, 46.5%, and 39.9% [3] - For the third quarter of 2025, the signed sales amount reached 273.4 billion yuan, up from 188.6 billion yuan in the same period of 2024, with a signed sales area of 128.1 million square meters [3] Financial Forecast and Valuation - The profit forecast for the company has been revised upwards for 2025-2027, with expected net profits of 1.25 billion yuan, 1.43 billion yuan, and 1.58 billion yuan respectively [4] - The current stock price corresponds to a price-to-earnings (PE) ratio of 13.7, 12.0, and 10.8 for the years 2025-2027 [4]

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue and profit growth, driven by quality products and improved operational efficiency [1][2][3] Financial Performance - For the first half of 2025, the company achieved operating revenue of 25.1 billion yuan, a year-on-year increase of 14% [1] - The net profit attributable to shareholders reached 1.09 billion yuan, reflecting an 8% year-on-year growth [1] - The company announced an interim dividend of 0.03 HKD per share, to be distributed by October 31, 2025 [1] Sales and Market Position - The company recorded sales contracts of 53.35 billion yuan in the first half of 2025, up approximately 20% from 44.54 billion yuan in the same period of 2024, ranking 9th in the industry [1] - This marks the company's first entry into the top ten of the industry rankings, previously ranked 12th in 2024 [1] Operational Efficiency - The company has implemented organizational changes to enhance management efficiency, reducing management levels to a "headquarters-regional company" structure [2] - Management expenses decreased to 1.22 billion yuan in the first half of 2025 from 1.29 billion yuan in 2024, with the management expense ratio dropping to 4.8% from 5.8% [2] - Sales expenses also declined to 830 million yuan from 980 million yuan, with the sales expense ratio falling to 3.3% from 4.5% [2] Financing and Credit Position - As of June 2025, the company's interest-bearing debt was approximately 123.3 billion yuan, a decrease of 4.7% year-on-year [3] - The total interest expense was about 3.26 billion yuan, down from 3.55 billion yuan in the same period of 2024 [3] - The company issued bonds totaling 1.7 billion yuan in February 2025 and 1.6 billion yuan in March 2025, with favorable interest rates of 2.79% and 2.93% respectively [3] Profit Forecast and Valuation - The profit forecast for the company has been revised upwards for 2025-2027, with net profit estimates of 1.22 billion, 1.33 billion, and 1.46 billion yuan respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 14.6, 13.4, and 12.2 for 2025-2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 25.1 billion RMB in the first half of 2025, representing a year-on-year growth of 14%, and a net profit attributable to shareholders of 1.09 billion RMB, up 8% year-on-year [1] - The company distributed an interim dividend of 0.03 HKD per share, to be paid to shareholders by October 31, 2025 [1] - The company ranked 9th in sales with a contract sales amount of 53.35 billion RMB in the first half of 2025, a 20% increase from 44.54 billion RMB in the same period of 2024, marking its first entry into the top ten of the industry [1] - The company has focused on quality-driven sales growth and organizational transformation, leading to improved operational efficiency and reduced financing costs [1][2] Summary by Sections Financial Performance - For the first half of 2025, the company reported management expenses of 1.22 billion RMB, down from 1.29 billion RMB in the same period of 2024, resulting in a management expense ratio of 4.8%, down from 5.8% [2] - Sales expenses were reported at 830 million RMB, down from 980 million RMB in the previous year, with a sales expense ratio of 3.3%, down from 4.5% [2] Financing and Debt - As of June 30, 2025, the company had interest-bearing debt of approximately 123.3 billion RMB, a decrease of 4.7% year-on-year, with short-term debt accounting for 22.3% [3] - The total interest expense was approximately 3.26 billion RMB, down from 3.55 billion RMB in the same period of 2024 [3] Profit Forecast and Valuation - The company has revised its net profit forecasts for 2025-2027 to 1.22 billion RMB, 1.33 billion RMB, and 1.46 billion RMB respectively, up from previous estimates [3] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 14.6, 13.4, and 12.2 for 2025-2027 [3]